Shares of Irvine-based heart valve maker Edwards Lifesciences Corp. fell sharply in midday trading Wednesday, a day after reporting first-quarter results that missed analyst estimates.

The company’s shares were down about 23% to a market value of $7.3 billion.

Edwards’ first-quarter profit excluding one-time items came in at $83.9 million, below an average analyst estimate of $88.5 million.

The company said it recorded a special gain of $83.6 million from a patent lawsuit with rival Medtronic Inc., bringing its net income to $144.9 million.

Analyst estimates generally exclude gains or charges.

Revenue grew 8% in the quarter to $496.7 million. Wall Street expected first-quarter sales of $518.6 million.

Edwards also lowered its 2013 outlook.

The company could see a full-year profit of $349.5 million to $361.2 million, down from a previous range of $374 million to $385.6 million.

Analysts expect Edwards to post a full-year profit of $381 million.

The company now expects 2013 revenue of $2 billion to $2.1 billion. Wall Street estimated Edwards will have $2.13 billion in full-year sales.

Edwards lowered its guidance “primarily to reflect a slower start to the year and an updated foreign exchange impact,” Chief Executive Michael Mussallem said in a statement.

The heart valve maker reported its results after the market closed.